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TRANSFERRABLE OUTPUT: An output that has a relatively large geographic market area due to the low cost of transportation. The low transportation cost means it is easier (that is, less expensive) to bring the output to the consumers rather than locating consumers near the output. Like many things, transferrable outputs are a matter of degree. At the other end of the spectrum lies local outputs. Most manufactured goods tend to have a high degree of transferability. Information, especially through television broadcasting and Internet web sites, is also relatively easily transported.
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Lesson Contents
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Unit 1: Price Taker |
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Unit 2: Short-Run Output |
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Unit 3: Doing Graphs |
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Unit 4: Long-Run Equilibrium |
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Unit 5: Evaluation | |
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Perfect Competition
- The first unit of this lesson, Price Taker, begins this study with a look at the general structure of a perfectly competitive market.
- In the second unit, Short-Run Output, we take a look at the short-run production decision faced by a perfectly competitive firm based on the cost and revenue numbers.
- The third unit, Doing Graphs, then looks at the short-run production decision faced by a perfectly competitive firm using a graphical analysis of cost and revenue.
- In the fourth unit, Long-Run Equilibrium, we examine the nature of long-run adjustment by a perfectly competition industry when all inputs are variable.
- The fifth and final unit, Evaluation, then closes this lesson by considering the pros and cons of a perfectly competitive industry.
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TOTAL COST AND MARGINAL COST A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. This relation between total cost and marginal cost is also seen with total variable cost. The slope of the total variable cost curve is marginal cost, as well. The relation between total cost and marginal cost is but another in the long line of applications of the total-marginal relation.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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AEA
American Economic Association
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